Page 34 - Latest Updates on Goods and Services Tax
Fiscal deficit may slip to 3.5-3.8% in FY20; govt set to miss 3.3% target
The FRBM Act, after its amendment in 2018, allows a fiscal deficit slippage of not more than 0.5% for any given year, provided there are justifications
 "Fiscal deficit may slip to 3.5-3.8% in FY20; govt set to miss 3.3% target")
Liquidity crunch is mostly behind us, says Tata Sons' N Chandrasekran
Chandrasekran said the goods and services tax (GST) regime and the Insolvency and Bankruptcy Code (IBC) are historic decisions.
 "Liquidity crunch is mostly behind us, says Tata Sons' N Chandrasekran")
Falling GST collections: Parliamentary panel asks Centre to address issue
The Centre has paid Rs 45,745 crore as compensation to states for their revenue loss under GST for the first four months of the current financial year
 "Falling GST collections: Parliamentary panel asks Centre to address issue")
Could consumption really have fallen?
The leaked NSS consumption numbers have provoked a debate. While arguments by various sides are not really convincing there are some broad lessons
 "Could consumption really have fallen?")
Parliamentary panel asks govt to prevent misuse of GST input tax credit
Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said
Budget 2020: Pradhan hopes for signal on ATF, natural gas inclusion in GST
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors
 "Budget 2020: Pradhan hopes for signal on ATF, natural gas inclusion in GST")
CGST collection missed budget estimate by 40% in April-Nov: Anurag Thakur
The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months
 "CGST collection missed budget estimate by 40% in April-Nov: Anurag Thakur")
Delhi HC issues notices to exporters over non-payment of IGST on imports
Under the GST regime, the exemption was not clearly mentioned till October 13, 2017. During the period, exporters were not allowed to clear their goods unless they pay IGST
 "Delhi HC issues notices to exporters over non-payment of IGST on imports")
States plan political battle over delayed allocation of GST compensation
States are planning to pass resolutions in their legislative assemblies; however, such tactics will be used as the last resort if the Centre continues to stall allocations
 "States plan political battle over delayed allocation of GST compensation")
Three dangerous myths
The errors and misapprehensions that led to constant optimism about Indian growth
 "Three dangerous myths")
Telangana CM urges Nirmala Sitharaman to release Rs 4,531 cr in GST dues
KCR says despite a higher tax devolution as per Union Budget 2019-20, the receipts by the state till November were actually lower than in the same period last year
 "Telangana CM urges Nirmala Sitharaman to release Rs 4,531 cr in GST dues")
GST Diwas held in 125 cities for feedback on new return filing system
About 7,500 trade associations/stakeholders participated in the programme, Central Board of Indirect Taxes and Customs (CBIC) said in a statement
Income tax rate cut among steps govt working on to revive growth: FM
Assuring that there will be no harassment of taxpayers, Sitharaman said the intent of the government is to further simplify taxation systems including removal of exemption.
 "Income tax rate cut among steps govt working on to revive growth: FM")
Govt will honour compact to give states their share of GST: Sitharaman
Sitharaman's statement comes after Kerala last week threatened to take the central government to Supreme Court over delay in the payment of compensation to states
 "Govt will honour compact to give states their share of GST: Sitharaman")
GST Stakeholder Feedback Diwas for new return filing system on Dec 8
These feedback sessions would be attended by all prominent chambers of commerce and industry and other organisations representing taxpayers and tax practitioners
 "GST Stakeholder Feedback Diwas for new return filing system on Dec 8")
GST mop-up crosses Rs 1 trn in Nov over festive demand, anti-evasion steps
Although the collection figures come as a breather for the government, it is lower than the expected collection rate needed to meet the steep target for FY20
 "GST mop-up crosses Rs 1 trn in Nov over festive demand, anti-evasion steps")
GST collection up 6% in Nov, crosses Rs 1 trn after a gap of three months
The GST collection was Rs 95,380 crore in October while it was Rs 97,637 crore November 2018
 "GST collection up 6% in Nov, crosses Rs 1 trn after a gap of three months")
GST e-invoicing must for businesses with Rs 100-cr turnover from April 1
It will be voluntary for businesses with less than Rs 100-cr turnover; will help SMEs take instant loans
Centre planning to come up with lottery scheme for GST paying customers
Once the consensus at officers level is reached then it will be put before GST Council meeting
No difference of opinion, GST to be implemented soon in J&K: Jitendra Singh
Union Minister Jitendra Singh assures of GST implementation within next 3-4 days in J&K
 "No difference of opinion, GST to be implemented soon in J&K: Jitendra Singh")
